Shaelene’s Tax Tip of the Week – June 29th

Did you know?

Receipts are considered the financial dashboard of how much money you spent throughout the year. Ensure that you hold on to all receipts and invoices that are pertinent to income earned from your business—whether it was for providing services or selling products. CRA recommends holding on to paperwork for up to six years. If you lack back-up documentation, CRA has the right to impose interest or penalties, and your claims can be disallowed. Additionally, it is highly recommended that you have separate credit cards and bank accounts for personal and business-related transactions.

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Tax tip found here.

Shaelene’s Tax Tip of the Week – August 19th

Have you had to take prescription medication (that aren’t vitamins) that you don’t have coverage for? You can write off any prescription medication that you took this tax year, before December 31st. You can also claim medical insurance that you have purchased for an out-of-country trip!

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